Market Wrap - Week Ending Friday 12th Oct 07

Another week and another record high… Although our market did fall back slightly on Friday along with China. It was another week of mixed news coming out of the US which played havoc with the markets and those of you who love technical analysis.

Overall the resources sector still looks over brought along with the banking sector at present, BOQ announced record profits last week and still a strong flow of lending. Unemployment figures were down to the lowest level since 1972. If the market is going to correct I have not seen a catalyst yet.

The other big news this week is that ABN AMRO has been taken over by a consortium, the leader of which is The Bank of Scotland. Do not confuse this with ABN AMRO Morgans. ABN AMRO is a stake holder in ABN AMRO Morgans. So what does this mean for your favourite stock brokers?  Well maybe a name change possibly to Mc Morgans. Could also see the corporate wardrobe include a kilt, which would be nice for those hot summer days.

Coming up next week is the twentieth anniversary of the 1987 crash, many technical analysts see this as a significant date in the markets, luckily it does fall on a Saturday and hopefully will be a significant signal to turn around the Townsville Crocs who play that night.

So what happened in 1987? Download the full story.

Should you have any queries please contact your adviser on 07 4771 4577.